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How Much Does a Surety Bond Cost?
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How Much Does a Surety Bond Cost?

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We answer "How Much Does a Surety Bond Cost?"

We answer "How Much Does a Surety Bond Cost?"

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  • 1. > > How Much does a Surety Bond Cost?
  • 2. Well, it depends . . .
    There are thousands of types of surety bonds.
    We need to narrow things down to give you a proper answer . . .
  • 3. What Will Affect the Costs?
    General guidelines affecting Surety Bond cost include:
    • Type of Bond
    • 4. Experience in the Industry
    • 5. Credit History
  • Looking for a Bail Bond?
    “Bail Bonds” – surety bond related to a criminal legal incident
    Not what we do at SuretyBonds.com.
    You will pay a set fee to a bail bond company, and may have to post collateral.
  • 6. Need a Bail Bond?
    Try a search for your local area +
    “Bail Bonds Company”.
  • 7. Small Businesses Owners
    Again, the cost of your surety bond will depend:
    • Type of Bond
    • 8. Location
    • 9. Credit History
  • Why Does Credit History Matter?
    This is a game of risk mitigation.
  • 10. Commercial Surety Bonds
    • Mortgage Brokers -Tax Collectors
    • 11. Insurance Brokers -Notaries
    • 12. Car Dealerships -Collection Agencies
    • 13. Medical Providers -General Contractors
    • 14. Travel Agents -and more . . .
    • 15. Home Cleaners
    • 16. Janitors
  • Common Premium Costs
    Most commercial bonds will carry a premium cost of 1% up to 15%.
    If you’re getting a $50,000 bond, you’ll pay anywhere from $500 to $7,500.
  • 17. Why the Large Gap in Costs?
    There are two different markets:
    Standard
    High-Risk
    “Standard” is cheaper.
  • 18. I want to be “Standard” then!
    To qualify for Standard premiums, you’ll need to meet some criteria.
    Been in Business > 1 year.
    Credit score > 650.
    No prior surety bond claims.
    3+ years experience in your industry.
    Personal net worth 1-3x the bond amount.
  • 19. Non-Standard or “High Risk”
    You can still obtain a surety bond if you do not meet the “Standard” criteria.
    Have no prior surety bond claims.
    Are a US Citizen.
  • 20. Our Takeaways
    Talk to a Bonding Agency, like SuretyBonds.om
    Price will vary greatly based on situation.
    Standard and Non-Standard surety bonds are available.
  • 21. Produced by the SuretyBonds.com Education Center
    www.suretybonds.com/edu
    www.suretybonds.com/blog